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FIRST UNION ACQUIRES DOMINION BANKSHARES CORPORATION

 CHARLOTTE, N.C., March 1 -- /PRNewswire/ First Union Corporation (NYSE: FTU FTUpr) has acquired Dominion Bankshares Corporation (NASDAQ: DMBK) effective March 1, 1993. The acquisition agreement was previously announced on September 21, 1992.
 The exchange ratio of 0.58 shares of First Union common stock for each share of Dominion common stock and one share of a new series of First Union convertible class A preferred stock for each share of Dominion convertible preferred stock is expected to result in the issuance of approximately 23 million shares of First Union common stock including shares issuable upon the exercise of outstanding Dominion stock options and approximately 527,000 shares of First Union convertible class A preferred stock. The first dividend on the new series of First Union class A preferred stock will be payable April 1, 1993 to shareholders of record on March 15, 1993 at the rate of $.625 per share.
 At Dec. 31, 1992, First Union Corporation reported assets of $51.3 billion, and operated 896 banking offices in Florida, North Carolina, South Carolina, Georgia and one banking office in Tennessee, 45 savings bank offices in Virginia, Maryland, the District of Columbia and Florida, and 190 nonbanking offices in 36 states and the District of Columbia. As of December 31, 1992 Dominion had assets of $8.8 billion with banking offices in Tennessee, Virginia, Maryland and Washington D.C. When pending acquisitions have been completed, the corporation will operate approximately 1,474 banking offices and have assets of approximately $71 billion, making it the nation's eighth largest bank holding company.
 -0- 3/1/93
 /CONTACT: (Media contacts) Jeep Bryant, First Union Corporation, 704-374-2957 or (home) 704-335-0415, or Brenda McDaniel, Dominion Bankshares Corporation, 703-563-6351 or (home) 703-345-4277, or (Investor contacts) Sean Fox, First Union Corporation, 704-374-7060, or Glenn Bowmann, Dominion Bankshares Corporation, 703-563-7719/
 (FTU FTUpr DMBK)


CO: First Union Corporation; Dominion Bankshares Corporation ST: North Carolina, Maryland IN: FIN SU: TNM

SB -- CH010 -- 1646 03/01/93 17:39 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:330
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